F1 boss looking to sell 25% of team for over $1 BILLION

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F1 boss looking to sell 25% of team for over $1 BILLION

The businessman is looking to sell off another minority stake in the team

Originally written by Tyler Rowlinson. This version is a translation.

Monday 29 April 2024 22:00

It has been reported that Aston Martin team owner Lawrence Stroll is looking to sell another minority stake in the team.

The Canadian businessman bought the team in 2018 when they were known as Force India, taking the team out of administration.

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In 2019, the team was rebranded to Racing Point, with his son Lance being brought in to race for the team, before in 2020, Stroll Sr led a consortium to invest an estimated $230m into Aston Martin (the luxury car brand separate from the F1 team) in exchange for 16.7 percent stake in the company.

The F1 team was rebranded to Aston Martin in 2021 and last season, they saw great success on the track with Fernando Alonso achieving eight podiums during the year as the Silverstone-based squad finished fifth the constructors’ standings.

Lawrence Stroll has owned the team since 2018

Stroll in discussions to sell stake in Aston Martin

This would be the latest in a strings of deals and rising valuations in F1, which has seen incredible growth in popularity in recent years, particularly in the US with the success of the Netflix series Drive to Survive.

This contrasts the current situation at the main Aston Martin company, as their stock has declined by about a third since the start of the year.

Stroll has had to inject funds for the company through investors and a source close to the matter who spoke with Bloomberg UK, who wanted to remain anonymous, say that Stroll is now looking to sell as much as 25 percent in the racing business.

Fernando Alonso recently signed a new long-term contract

A spokesman said in a statement: “From time to time and more recently following the Arctos Partners investment, the team is contacted by interested parties.”

Back in November, Aston Martin agreed a deal to sell a minority stake to US private equity firm Arctos Partners in a deal believed to be worth $1.3bn (£1bn).

Two-time champion Alonso recently committed his future to the team with a long-term contract that will take him beyond the 2026 season; the year the new regulation come into the sport and Honda becomes Aston Martin’s engine supplier.

Stroll Sr’s son Lance is one of twelve drivers who are out of contract with the team at the end of the 2024 season.

Aston Martin Fernando Alonso Lance Stroll Netflix Lawrence Stroll Force India